Nifty Daily Analysis

• In the weekly chart nifty's previous resistance levels did gave support to nifty when it fell last time followed by a bearish engulfing pattern in weekly chart. This time nifty has finished a bearish engulfing pattern in weekly chart again, So will the support line shown in weekly chart be held, only time can give the answer. But seeing the ease at which price broke below 50 DMA things are favouring bears for a larger correction. 
• There is a possible triangle pattern in daily chart shown in the second chart If the support line of that pattern is held Correction will be small. If the support line gets broken on closing basis price may test the 200 DMA.
• MACD and Stochastic are looking negative. Stochastic in daily has not yet reached the oversold region. MACD just gave a negative cross.
• CNX - IT BEARISH ENGULFING PATTERN
  
• BANK NIFTY WEEKEND UPDATE